Today, more so than ever, we are living in an incredibly competitive, fast-paced and innovative economy. Businesses are evolving, technology is advancing and to separate successful companies from the competition, effective leadership is absolutely vital.
Despite this, 84% of businesses anticipate a shortfall in leadership in the next five years and leaders in 40% of companies feel unprepared to make critical business decisions.
In the wake of Brexit, growing uncertainty and, as the war on talent in the UK intensifies, it is therefore crucial that businesses develop and invest in leadership or face being left behind. By acting now and prioritising leadership development, organisations can create an environment that has stability, ambition and innovation at its core, inspiring loyalty and attracting and retaining leaders of the future.
But, this is easier said than done. With effective leadership being the driving force behind a winning culture, organisations must ensure it is a top business priority and look to identify and nurture employees now and into the future.
Identifying leadership potential
Many existing leadership models were developed for times when business conditions were more stable and growth patterns predictable.
In contrast, today business is radically different, and companies need a new set of criteria to identify and prepare leaders to navigate the challenges, risks and opportunities ahead.
In order to develop the leaders of the future, businesses must first assess and identify individuals with the attributes that will drive success within their company culture.
Using learnability tests, companies can ascertain characteristics such as adaptability, drive, endurance and curiosity that are crucial for leaders.
By assessing talent against these inherent personal attributes or qualities that are mirrored in the ethos of the business, executives can recognise the individuals with the potential to thrive in leadership roles and invest in their success going forward.
Creating a culture for growth
A leader’s skill in creating and nurturing a culture that attracts, engages, and retains talent is critical to success in the Human Age.
Even the best-laid corporate strategies will be impeded if the organisation is unable to find the right talent and fully tap into its potential. With this in mind, a culture of growth, ambition and progression is vital.
By creating a culture that is centred on openness, collaboration and innovation, businesses can inspire leaders of the future.
Furthermore, with a focus on initiating structured programmes that build integrity, trust, team skills and create opportunities for individuals to move outside their comfort zone, it can provide a clear path of progression for employees, demonstrate business growth and establish a foundation of strong leadership throughout a company.
In order to develop effective leaders, having a shared vision cannot be underestimated. United under a single ethos and alongside a programme that encourages consistency, accountability and objectives to measure success, great leaders will emerge and both individuals and employers can move towards outcomes that has tangible business benefits.
Leaders of the future
There is no denying that UK businesses are in a state of flux and face increasing uncertainty as Brexit looms and talent continues to be in short supply.
At the centre of this is leadership and the undisputable need to have strong, dynamic and inspiring leaders that can drive businesses forward and create real competitive differentiation.
By identifying and investing in the talent of the future, providing clear paths for progression and supporting the growth of leadership qualities, businesses can retain and develop the individuals that inspire employees to think differently, strive for innovation and be uncompromising in their ambition for success.
Only time will tell, but the potential is undeniable.
